Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending Inventory Information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. 00 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Reg 18 Reg 2 Complete the table column "Write-Down per Item" and then sum the final column Item Unit Coat FIFO) s 30 MRV per Item Quantity on Hand 50 Write down per item 6 0 Total Writo down B0 $ 24 $ $ 40 40 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dresses 8888 50 52 88888 olo 8 @ 0 O 30 30 15 0 0 6 30 400 12 $ $ 150 Reg 10 > Req 1A Red 1B Reg 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending Inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. 39 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2 Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to L.CM/NRV. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Date General Journal Dobit Credit No Reg 18 Re